Methods for managing electronic transactions and devices thereof

ABSTRACT

A computer-implemented method for managing electronic transactions includes receiving a commodity to be listed for sale. In addition, a purchase request for the commodity listed for sale is received. It is determined when to report a pre-disclosure data and request for a condition report data for the commodity listed for sale. Sale of the commodity based on the determined pre-disclosure data and the condition report data is completed.

This application claims the benefit of U.S. Provisional PatentApplication Ser. No. 63/192,844, filed May 25, 2021, which is herebyincorporated by reference in its entirety

TECHNICAL FIELD

Embodiments of the present invention generally relate to systems andmethods for managing electronic transactions and are particularlydirected to assisting a buyer to buy and seller to sell a commodity viaan escrow account.

BACKGROUND

Buying vehicle inventory at a digital auction platform where the productis physically sight unseen creates certain dilemmas for consumers whoare selling and buying the commodity.

If a potential buyer/bidder was at a digital auction site that had theability for a third party to validate what the seller has posted aboutthe listing for sale, then that would give them more confidence that thelist is actually accurate and they are buying what they thought by thedescription provided. This is partially exasperated at digital auctionbecause the bidders and seller are not brought together directly, in aneffort of the platform company to try and not allow buyers and sellersto go around the process of buying through the auction (to avoid theplatform fees). Thus the description and pictures are the basis forbuying, creating a dilemma for most to potentially get a deal, thatauctions can inherently create for both parties if done for buyers andsellers with confidence.

A simple solution to that problem, currently in the market, is aconditional report created by a third party prior to listing the productwhether it be auction or classified. The problem with this is threefold.First, the seller would be obligated to pay the condition report beforeselling the product which is an expensive proposition that most do notwant to do due to the fact that the sale may not go through and thiswould further put them into debt which they are trying to reduce byselling a listing. Second, the listing by the condition reporter will belimited to the things that they list or report on, versus things that abuyer may want to know. Third is that many items in the condition reportare subjective and thus there needs to be a way to consider this from abuyer's perspective. Another problem inherent to digital auction isbuyer's remorse, where if they don't pay immediately upon winning anauction, they may not want to purchase any longer. These same issuesalso apply to a classified listing with a set price for something sightunseen.

In prior techniques, if someone is going to purchase a commodity (e.g.,a used vehicle with interpretive value), a seller is often required topay for a condition report before the buyer will have the confidence tomove on a purchase. A condition report done ahead of sale can beexpensive, reduce the cost basis of the final sale price and redundantbecause a condition report is not a guarantee of sale and will oftenneed to be performed multiple times to satisfy various potential buyers.This is detrimental to a seller's potential profit.

The expected outcomes of condition reports are all also defined andscrutinized by buyers which has an adverse effect on final sale priceand conversion rate. For example, Buyer A may have differentexpectations than Buyer B. Buyer A's condition report requirements maybe more costly and may result in Buyer A not following through with thesale. Buyer B's condition report may be simpler but this could lead tothe commodity not meeting undefined expectations from Buyer B and leadto a failed sale.

Finally, the negative impacts on buyers, sellers and overall saleconfidence listed above affect the quality of ad hoc and informalagreements that buyers and sellers often draft to facilitate and set theterms of exchanges. These agreements often leave out the primary reasonsthat exchanges of interpretive value commodities often fall through:condition not reported accurately, transfer of funds. In an attempt tosave money by not condition reporting, sellers draft loose agreementsand buyers use that to their advantage when the item purchasedsight-unseen does not meet some arbitrary quality standard. As a result,purchasing online or sight-unseen is labeled dangerous for risk averseconsumers.

SUMMARY

The technology discloses a method for facilitating purchase and sale ofcommodities, applies novel risk management and eliminates unnecessarycost burdens that are often required before utilizing existing industrytools. The order of operations from intent to purchase, going undercontract, moving money into an escrow account and having conditionreporting performed on the commodity in question has been refactored inthe best interest of consumers and is not being done this way anywhereelse in the industry.

In the disclosed technology, auction listing is free to list unless sold(but classifieds cost small fee up front) with condition reporting paidfor by the seller to the condition reporter themselves after intent topurchase is established. Additionally, the disclosed technology can makerecommendations of condition reporters but is not involved in that partof the process.

Further, in the disclosed technology, the condition reporting after thesale is made on whatever the seller had listed that the seller choosesto be reported on within the total listing description. Some items maybe listed by the seller but chooses to not have reported on (could beavoiding it due to cost to validate it, etc.), or other items on atypical condition report may not be listed at all by the seller as a wayto be truthful on all reported but omitting things they may not wish todisclose; thereby making it incumbent upon a buyer to know be diligent.The sellers' description of items they list which they choose to bereported on is validated as truthful or not by the third party reporter.

Further, in this example, during the auction, bidders/potential buyerscan ask about other items to be condition reported on, such as omitteditems the seller was trying to get away with, and if the seller agrees,that is then added to the description list. If the seller does notchoose to list it as being reportable on, they may lose the buyer.

Additionally, in the disclosed technology, the condition reporter wouldreport based only on what the seller has identified to report on andonly reports on it in the way that the seller has listed for it to bereported on, with specifications for whether the condition should be“exact, or seemingly correct (percentage tolerance), or subjective.’“Exact” could be used for something such as exact mileage. “Seeminglyclose” could be that the vehicle is still driven and thus the mileagemay be within 5% difference of what is listed. Subjective could be forsomething such as “paint is perfect”.

In the disclosed technology, the condition reporter is an entity thatcan be looked up for its ethics. The buyer has the choice to not buy asa result of an inadequate condition reporter. This pushes the sellers tonot only list accurately, but then to get reputable condition reporters.The potential buyer can request an additional condition reporter as acontingency in order for them to buy.

Furthermore, in the disclosed technology, the seller is provided with aform from the auction listing to be reported on. Additionally, thedisclosed technology will provide the seller with a form for thecondition reporters, so that the condition reporter understands that thebuyer cannot attempt to sue them for their report. This will also belisted in the buyer's terms and conditions. In the event of fraud fromthe seller, just as all auctions or sales go, the buyer would then haveto take the seller to court. In the event the condition reporter isbrought to court the condition reporter would most likely report whythey reported as they did, while under oath, and if they participated infraud that is where they can be liable, but not directly.

Furthermore, in the disclosed technology, the bidder/potential buyer maywant certain conditional reports to add things that they want to knowabout. The disclosed technology allows for the buyers, through theagents, to ask the sellers to include those into the listings so thatanyone who then bids can see the additional things that are beingconditioned reported on. This is at the sellers discretion to add it.

In the disclosed technology, in regards to the seller not wanting thebuyer's remorse to occur during the conditional reporting time frameafter the sale, in this example, a mandatory escrow fund for the buyerto place a minimum 10% of the fee in with 7 days of the sale, and themoney is released to the seller upon the condition reporting beingcompleted, within 10 days of the money being placed in escrow. The moneygoes into an escrow that disclosed technology can recommend but is notinvolved in. They are to complete their transaction as they desire fromthat point forward. The 10% can be kept by the seller in the event thebuyer's remorse kicks in.

Furthermore, this condition reporting will also occur the same way withclassifieds. The difference is that in classifieds there is typically anopportunity for the seller and buyer to connect ahead of the sale and so“sight unseen” still applies, even though they may feel better if theseller feels right to the buyer. However, that feeling is clearlytrumped by the buyer also being able to have the third party conditionreporter validate the listing. They buyer will pay a small fee if buysthrough the platform to get the terms and conditions with the thirdparty reporter.

Additionally, the disclosed technology also helps the digital marketingconnector platform that provides the service for sellers and buyers toget together and exchange product by giving them a value where thebuyers and sellers would not attempt to go around the platform to savefees.

In an auction scenario the buyer definitely would want to know what theyare getting, and would want to get a deal for something withinterpretive value, with the disclosed technology. They would not beenticed as much as they may be now to go around the platform by a sellersaying “you can save the fees by not going through that platform, andjust work with us on that price”. Even though that is not legal orethical that is a dilemma for platforms like this.

In the case of listing in classified the same applies because the feesare small. And in classifieds, they can actually connect with thepotential buyer, where in the auction there's an agent trying to preventdirect contact. With the seller in those classifieds the fee is paid upfront as well so they can't go around us. And even though the buyer canstill try to save, the buyer's fee in classifieds would only have a $100fee which they would most likely not go around due to the conditionreporting value. The rationale for the classifieds to have a differentprice is that, in an auction the market is really setting the price,versus in a classified it is the best negotiation between two parties.The communication between parties, mediated by an agent, as well as theassociated fees are automatically handled within the embodiment of thismethod and are part of the process.

In addition, the disclosed technology provides the following advantages:pre-disclosure of condition reported attributes and the identificationof condition reporters increases customer confidence by properlyaccounting for the largest factor in sales falling through: not meetingexpectations; pre-disclosure of condition reported attributes and theidentification of condition reporters encourages communication betweenbuyer and seller that can further improve buyer confidence by addingadditional attributes to be reported on or adding an additionalcondition reporter as a service provider, increasing the odds of acompeted sale; pre-disclosure of said attributes improves pricetargeting by defining quality standards that have impacts on perceivedvalue; pre-disclosure of said attributes reduces unexpected costs whenpaying for a condition report because a condition reporter could providethe seller with a quote in advance rather than a different quote everytime a new buyer came to the table with their own list of conditions;performing a condition report after a buyer and seller have moved undercontract and funds have been deposited in escrow allows rational duediligence to determine if a sale shall be final instead of an emotionalreaction that a customer may have when they are surprised by adiscrepancy with their expectation; mandatory condition reporting atthis point in the sales funnel ensures that all points in awell-constructed agreement are satisfied, which justifies the release ofmoneys held in escrow to the seller. Similarly, if a condition reportreturns with inconsistent results, the release of moneys back to thebuyer is justified by a well-defined agreement originated at the pointof intent to purchase.

Additionally, in this disclosed technology, ownership of a commodity istransferred where the condition of the goods will always meetexpectations before sales are final and sales that fail will alwaysresult in parties in good standing being made whole, thus reducing risk.

Embodiments provide a computer-implemented method for managingelectronic transactions includes receiving a commodity to be listed forsale. In addition, a purchase request for the commodity listed for saleis received. It is determined when to report a pre-disclosure data andrequest for a condition report data for the commodity listed for sale.Sale of the commodity based on the determined pre-disclosure data andthe condition report data is completed.

In another embodiment, a buyer instruction and a seller instruction toan escrow account hosted via an escrow server to complete the sale ofthe commodity is received.

In yet another embodiment selling condition data associated with thecommodity is received.

In another embodiment, the selling condition data to the buyerresponsive to the received purchase request is provided. Further, alisting fee and a purchase fee for the commodity is processed.Furthermore, the escrow account when the condition report data is notprovided within a determined time period is released.

In another illustrative embodiment, a non-transitory computer readablemedium comprising a computer usable or readable medium having a computerreadable program is provided. The computer readable program, whenexecuted on a processor, causes the processor to perform various onesof, and combinations of, the operations outlined above with regard tothe method illustrative embodiment.

In yet another illustrative embodiment, a system is provided. The systemmay comprise a full question generation processor configured to performvarious ones of, and combinations of, the operations outlined above withregard to the method illustrative embodiment.

Additional features and advantages of this disclosure will be madeapparent from the following detailed description of illustrativeembodiments that proceeds with reference to the accompanying drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

The foregoing and other aspects of the present invention are bestunderstood from the following detailed description when read inconnection with the accompanying drawings. For the purpose ofillustrating the invention, there is shown in the drawings embodimentsthat are presently preferred, it being understood, however, that theinvention is not limited to the specific instrumentalities disclosed.Included in the drawings are the following Figures:

FIG. 1 is a block diagram of an exemplary network environment 10including a transaction management system 14 for managing electronictransactions;

FIG. 2 is a block diagram of an exemplary transaction management system14;

FIGS. 3-5E are exemplary flowcharts illustrating a method for managingelectronic transactions; and

FIG. 6 is an exemplary image illustrating a condition report.

DETAILED DESCRIPTION OF EXEMPLARY EMBODIMENTS

The present invention may be a system, a method, and/or a computerprogram that consists of a specialized process for buyers and sellers ofcommodities as well as third party condition reporters and escrowservice providers. The specialized process specifically arranges thesteps in the transfer of ownership in order to ensure the disclosedcondition of a commodity is validated after intent to purchase occurs.Then, money is not transferred until validation is complete andconditions are met. The computer program product may include acomputer-readable storage medium (or media) having computer-readableprogram instructions thereon for causing a processor to carry outaspects of the present invention.

In the first step, the seller uses the disclosed technology to disclosethe condition of the commodity using a graphical interface, as well asthe condition reporter who will perform the assessment. By using thedisclosed technology, particularly with respect to the conditionreporting, the buyers have a higher confidence level to bid and thepotential buyers can ask for specific items to be condition reported on,such as omitted items the seller did not originally input. If the selleragrees, those additional items are added to the description list for allbuyers to see. Additionally, in the disclosed technology, potentialbuyers can search for the authenticity of the condition-reporter andchoose to not buy as a result of an inadequate results. Furthermore,potential buyers do not have to pay to have condition reports done onvehicles they are looking to purchase and only have to pay 3% if theirpurchase is successful. This constitutes the next step in the process,wherein the buyer has evaluated the commodity's conditions and thelisted condition validator via a graphical interface in order todetermine if the commodity is desirable for purchase.

With respect to the classifieds example of the disclosed technology,potential buyers can “buy now” on vehicles that have a set, definedvalue rather than “perceived value”, e.g. an un-modified car and for theescrow partner, the buyer now has the opportunity to ensure they willnot get slighted in the event a sale goes through and a condition reportdoes not occur as promised.

With respect to the sellers, the condition reporting in the disclosedtechnology can amplify their chances of selling—the seller's descriptionof details on their listing is reported on and validated as truthful ornot by the third party reporter, which can come in variations to helpthem: “Exact” could be used for something such as exact mileage;“Seemingly close” could be that the vehicle is still driven and thus themileage may be within 5% difference of what is listed; and “Subjective”could be for something such as “paint is perfect.” Additionally,potential buyers can search for the authenticity of thecondition-reporter meaning, if the seller utilizes reputable reporters,they are have higher chance of selling on the site. Furthermore, theauction listing is still free to list unless sold even with conditionreporting and therefore the users can continue to save money.

Additionally, with the disclosed technology, if the seller has a vehiclethat is not specialized or modified, they can still list it on the siteand move their inventory quickly through this selling option.Furthermore, straight-forward pricing up-front that does not vary bysale price.

The process continues here. In the disclosed technology, a mandatoryescrow fund for the buyer to place a minimum of 10% deposit within 7days of the sale. The monies is released to the seller upon thecondition reporting being completed, within 10 days post deposit. Themonies goes into an escrow that disclosed technology can recommend butis not involved in. They are to complete their transaction as theydesire from that point forward. The 10% can be kept by the seller in theevent the buyer's remorse kicks in. Furthermore, in the disclosedtechnology, a list of conditioning reporters can be included but willnot be involved in the process of who the seller chooses. Additionally,the disclosed technology limits fraud by the seller thus ensuring thebuyer and the condition reporter will be honest and have no liability inthe process. Furthermore, the disclosed technology limits the deals outthe system. In other words, with the built-in condition reporting,buyers and sellers are more likely to make their deals using thedisclosed technology.

Furthermore, with the disclosed technology more sellers will be likelyto add different vehicles and the disclosed technology would be morelikely to accept them if they are not being auctioned for a value thatthe disclosed technology has already pre-set. Additionally, because theypay a fee up-front, the disclosed technology allows sellers and buyersto connect with each other, limiting our overhead costs. Furthermore,with cars that have pre-set values, it is easier to list them at theappropriate price based on the market. In this example, the disclosedtechnology gives the buyer and seller more incentive to go through ourplatform for protection and support.

Furthermore, an additional step takes place while the buyer and sellerare following the algorithm that determines if the sale is final. Afterthe buyer has placed the deposit and escrow the seller is updated via agraphical user interface that it is now their required timeframe forcompleting the condition report with the specified validator. Thevalidator is also updated via the graphical user interface with thereferences condition report template and other data related to thecommodity so they can perform the assessment in accordance with theterms of the process.

The final step of the process at the end of the algorithm is determinedby whether the conditions of the sale have been met as determined by thevalidator. If the sale is final the escrow transaction is finalized andfacilitated by the referenced technology and the commodity istransferred to the buyer. If the conditions are not met, the alternativescenarios include but are not limited to the refund of the buyer. Atthis point the transaction is complete; all parties in good standinghave been satisfied.

A network environment 10 with an example of a transaction managementsystem 14 is illustrated in FIGS. 1-2 . In this particular example, theenvironment 10 includes one or more buyer devices 12(1)-12(n), one ormore seller devices 13(1)-13(n), the transaction management system 14,one or more validator devices 15(1)-15(n), and one or more escrowservers 16(1)-16(n), coupled via one or more communication networks 30,although the environment could include other types and numbers ofsystems, devices, components, and/or other elements as is generallyknown in the art and will not be illustrated or described herein. Thistechnology provides a number of advantages including providing methods,non-transitory computer readable medium, and systems that providesmanaging of electronic transactions.

Referring more specifically to FIGS. 1-2 , the transaction managementsystem 14 is programmed to manage electronic transactions. Some examplesof the transaction management system 14 can include a mobile device, alaptop, or an application executing on a mobile device. Now referring toFIG. 2 , the transaction management system 14 can employ a hubarchitecture including a north bridge and memory controller hub (NB/MCH)201 and south bridge and input/output (I/O) controller hub (SB/ICH) 202.Processing unit 203, main memory 204, and graphics processor 205 can beconnected to the NB/MCH 201. Graphics processor 205 can be connected tothe NB/MCH 201 through an accelerated graphics port (AGP).

In the depicted example, the network adapter 206 connects to the SB/ICH202. The audio adapter 207, keyboard and mouse adapter 208, modem 209,read-only memory (ROM) 210, hard disk drive (HDD) 211, optical drive (CDor DVD) 212, universal serial bus (USB) ports and other communicationports 213, and the PCI/PCIe devices 214 can connect to the SB/ICH 202through bus system 216. PCI/PCIe devices 214 may include Ethernetadapters, add-in cards, and PC cards for notebook computers. ROM 210 maybe, for example, a flash basic input/output system (BIOS). The HDD 211and optical drive 212 can use an integrated drive electronics (IDE) orserial advanced technology attachment (SATA) interface. The super I/O(SIO) device 215 can be connected to the SB/ICH 202.

An operating system can run on processing unit 203. The operating systemcan coordinate and provide control of various components within thetransaction management system 14. As a client, the operating system canbe a commercially available operating system. An object-orientedprogramming system, such as the Java™ programming system, may run inconjunction with the operating system and provide calls to the operatingsystem from the object-oriented programs or applications executing onthe transaction management system 14. As a server, the transactionmanagement system 14 can be an IBM® eServer™ System P® running theAdvanced Interactive Executive operating system or the Linux operatingsystem. The transaction management system 14 can be a symmetricmultiprocessor (SMP) system that can include a plurality of processorsin the processing unit 203. Alternatively, a single processor system maybe employed.

Instructions for the operating system, the object-oriented programmingsystem, and applications or programs are located on storage devices,such as the HDD 211, and are loaded into the main memory 204 forexecution by the processing unit 203. The processes for embodiments ofthe full question generation system can be performed by the processingunit 203 using computer usable program code, which can be located in amemory such as, for example, main memory 204, ROM 210, or in one or moreperipheral devices.

A bus system 216 can be comprised of one or more busses. The bus system216 can be implemented using any type of communication fabric orarchitecture that can provide for a transfer of data between differentcomponents or devices attached to the fabric or architecture. Acommunication unit such as the modem 209 or network adapter 206 caninclude one or more devices that can be used to transmit and receivedata.

Those of ordinary skill in the art will appreciate that the hardwaredepicted in FIG. 2 may vary depending on the implementation. Forexample, the transaction management system 14 includes severalcomponents that would not be directly included in some embodimentsillustrated in FIGS. 3-6 . However, it should be understood that theembodiments illustrated in FIGS. 3-6 may include one or more of thecomponents and configurations of the transaction management system 14for performing processing methods and steps in accordance with thedisclosed embodiments.

Moreover, other internal hardware or peripheral devices, such as flashmemory, equivalent non-volatile memory, or optical disk drives may beused in addition to or in place of the hardware depicted. Moreover, thetransaction management system 14 can take the form of any of a number ofdifferent data processing systems, including but not limited to, clientcomputing devices, server computing devices, tablet computers, laptopcomputers, telephone or other communication devices, personal digitalassistants, and the like. Essentially, transaction management system 14can be any known or later developed data processing system withoutarchitectural limitation.

Referring back to FIG. 1 , each of the one or more buyer devices12(1)-12(n) may request the transaction management system 14 forinitiating and purchase of a commodity via one or more of thecommunication networks 30, for example, although other types and/ornumbers of storage media in other configurations could be used. In thisparticular example, each of the one or more buyer devices 12(1)-12(n)may comprise various combinations and types of storage hardware and/orsoftware and represent a system with multiple network server devices ina data storage pool, which may include internal or external networks.Various network processing applications, such as CIFS applications, NFSapplications, HTTP Web Network server device applications, HTTPS, and/orFTP applications, may be operating on the one or more buyer devices12(1)-12(n) and may transmit data in response to requests from thetransaction management system 14. Each of the one or more buyer devices12(1)-12(n) may include a processor, a memory, and a communicationinterface, which are coupled together by a bus or other link, althougheach may have other types and/or numbers of other systems, devices,components, and/or other elements.

Each of the one or more seller devices 13(1)-13(n) may request thetransaction management system 14 for initiating and selling of acommodity via one or more of the communication networks 30, for example,although other types and/or numbers of storage media in otherconfigurations could be used. In this particular example, each of theone or more seller devices 13(1)-13(n) may comprise various combinationsand types of storage hardware and/or software and represent a systemwith multiple network server devices in a data storage pool, which mayinclude internal or external networks. Various network processingapplications, such as CIFS applications, NFS applications, HTTP WebNetwork server device applications, HTTPS, and/or FTP applications, maybe operating on the one or more seller devices 13(1)-13(n) and maytransmit data in response to requests from the transaction managementsystem 14. Each of the one or more seller devices 13(1)-13(n) mayinclude a processor, a memory, and a communication interface, which arecoupled together by a bus or other link, although each may have othertypes and/or numbers of other systems, devices, components, and/or otherelements.

Each of the one or more validator devices 15(1)-15(n) assists withproviding condition validation reports associated with the commodity,although the one or more validator devices 15(1)-15(n) can assist withother types or amounts of different operations. In this particularexample, each of the one or more validator devices 15(1)-15(n) maycomprise various combinations and types of storage hardware and/orsoftware and represent a system with multiple network server devices ina data storage pool, which may include internal or external networks.Various network processing applications, such as CIFS applications, NFSapplications, HTTP Web Network server device applications, HTTPS, and/orFTP applications, may be operating on the one or more validator devices15(1)-15(n) and may transmit data in response to requests from thetransaction management system 14. Each of the one or more validatordevices 15(1)-15(n) may include a processor, a memory, and acommunication interface, which are coupled together by a bus or otherlink, although each may have other types and/or numbers of othersystems, devices, components, and/or other elements.

Next, each of the one or more escrow servers 16(1)-16(n) may assist thetransaction management system 14 as an escrow account via one or more ofthe communication networks 30, for example, although other types and/ornumbers of storage media in other configurations could be used. In thisparticular example, each of the one or more escrow servers 16(1)-16(n)may comprise various combinations and types of storage hardware and/orsoftware and represent a system with multiple network server devices ina data storage pool, which may include internal or external networks.Various network processing applications, such as CIFS applications, NFSapplications, HTTP Web Network server device applications, and/or FTPapplications, may be operating on the one or more escrow servers16(1)-16(n) and may transmit data in response to requests from thetransaction management system 14. Each of the one or more escrow servers16(1)-16(n) may include a processor, a memory, and a communicationinterface, which are coupled together by a bus or other link, althougheach may have other types and/or numbers of other systems, devices,components, and/or other elements.

The non-transitory computer readable storage medium can be a tangibledevice that can retain and store instructions for use by an instructionexecution device. The non-transitory computer readable storage mediummay be, for example, but is not limited to, an electronic storagedevice, a magnetic storage device, an optical storage device, anelectromagnetic storage device, a semiconductor storage device, or anysuitable combination of the foregoing. A non-exhaustive list of morespecific examples of the computer readable storage medium includes thefollowing: a portable computer diskette, a head disk, a random accessmemory (RAM), a read-only memory (ROM), an erasable programmableread-only memory (EPROM or Flash memory), a static random access memory(SRAM), solid state drives (SSD) a portable compact disc read-onlymemory (CD-ROM), a digital versatile disk (DVD), a memory stick, afloppy disk, a mechanically encoded device such as punch-cards or raisedstructures in a groove having instructions recorded thereon, and anysuitable combination of the foregoing. A non-transitory computerreadable storage medium, as used herein, is not to be construed as beingtransitory signals per se, such as radio waves or other freelypropagating electromagnetic waves, electromagnetic waves propagatingthrough a waveguide or other transmission media (e.g., light pulsespassing through a fiber-optic cable), or electrical signals transmittedthrough a wire.

The non-transitory computer readable program instructions describedherein can be downloaded to respective computing/processing devices froma computer readable storage medium or to an external computer orexternal storage device via a communication network 30, for example, theInternet, a local area network (LAN), a wide area network (WAN) and/or awireless network. The communication network 30 may comprise coppertransmission cables, optical transmission fibers, wireless transmission,routers, firewalls, switches, gateway computers, and/or edge servers. Anetwork adapter card or network interface in each computing/processingdevice receives computer readable program instructions from the networkand forwards the computer readable program instructions for storage in acomputer readable storage medium within the respectivecomputing/processing device.

Computer readable program instructions for carrying out operations ofthe present invention may be assembler instructions,instruction-set-architecture (ISA) instructions, machine instructions,machine dependent instructions, microcode, firmware instructions,state-setting data, or either source code or object code written in anycombination of one or more programming languages, including anobject-oriented programming language such as Java™, Smalltalk, C++ orthe like, and conventional procedural programming languages, such as the“C” programming language or similar programming languages. The computerreadable program instructions may execute entirely on the user'scomputer, partly on the user's computer, as a stand-alone softwarepackage, partly on the user's computer and partly on a remote computer,or entirely on the remote computer or server. In the latter scenario,the remote computer may be connected to the user's computer through anytype of communication network 30, including LAN or WAN, or theconnection may be made to an external computer (for example, through theInternet using an Internet Service Provider). In some embodiments,electronic circuitry including, for example, programmable logiccircuitry, field-programmable gate arrays (FPGA), or programmable logicarrays (PLA) may execute the computer readable program instructions byutilizing state information of the computer readable programinstructions to personalize the electronic circuitry, in order toperform aspects of the present invention.

Although the transaction management system 14 illustrated as a singledevice, the functions or operations distributed across one or moredistinct network computing devices. Moreover, the transaction managementsystem 14 is not limited to a particular configuration. Thus, thetransaction management system 14 may operate as a plurality of networkcomputing devices within cluster architecture, a peer-to peerarchitecture, virtual machines, or within a cloud architecture.

While transaction management system 14 is illustrated in this example asincluding a single device, the transaction management system 14 in otherexamples can include a plurality of devices or blades each with one ormore processors each processor with one or more processing cores thatimplement one or more steps of this technology. In these examples, oneor more of the devices can have a dedicated communication interface ormemory.

In addition, two or more computing systems or devices can be substitutedfor any one of the systems or devices in any example. Accordingly,principles and advantages of distributed processing, such as redundancyand replication also can be implemented, as desired, to increase therobustness and performance of the devices and systems of the examples.The examples may also be implemented on computer system(s) that extendacross any suitable network using any suitable interface mechanisms andtraffic technologies, including by way of example only teletraffic inany suitable form (e.g., voice and modem), wireless traffic media,wireless traffic networks, cellular traffic networks, G3 trafficnetworks, Public Switched Telephone Network (PSTNs), Packet DataNetworks (PDNs), the Internet, intranets, and combinations thereof.

Aspects of the present invention are described herein with reference toflowchart illustrations and/or block diagrams of methods, apparatus(systems), and computer program products according to embodiments of theinvention. It will be understood that each block of the flowchartillustrations and/or block diagrams, and combinations of blocks in theflowchart illustrations and/or block diagrams, can be implemented bycomputer readable program instructions.

These computer readable program instructions may be provided to aprocessor of a general purpose computer, special purpose computer, orother programmable data processing apparatus to produce a machine, suchthat the instructions, which execute via the processor of the computeror other programmable data processing apparatus, create means forimplementing the functions/acts specified in the flowchart and/or blockdiagram block or blocks. These computer readable program instructionsmay also be stored in a computer readable storage medium that can directa computer, a programmable data processing apparatus, and/or otherdevices to function in a particular manner, such that the computerreadable storage medium having instructions stored therein comprises anarticle of manufacture including instructions which implement aspects ofthe function/act specified in the flowchart and/or block diagram blockor blocks.

The computer readable program instructions may also be loaded onto acomputer, other programmable data processing apparatus, or other deviceto cause a series of operations steps to be performed on the computer,other programmable apparatus, or other device to produce a computerimplemented process, such that the instructions which execute on thecomputer, other programmable apparatus, or other device implement thefunctions/acts specified in the flowchart and/or block diagram block orblocks.

The flowchart and block diagrams in the figures illustrate thearchitecture, functionality, and operation of possible implementationsof systems, methods, and computer program products according to variousembodiments of the present invention. In this regard, each block in theflowchart or block diagrams may represent a module, segment, or portionof instructions, which comprises one or more executable instructions forimplementing the specified logical functions. In some alternativeimplementations, the functions noted in the block may occur out of theorder noted in the Figures. For example, two blocks shown in successionmay, in fact, be executed substantially concurrently, or the blocks maysometimes be executed in the reverse order, depending upon thefunctionality involved. It will also be noted that each block of theblock diagrams and/or flowchart illustration, and combinations of blocksin the block diagrams and/or flowchart illustration, can be implementedby special purpose hardware-based systems that perform the specifiedfunctions or acts or carry out combinations of special purpose hardwareand computer instructions.

The present description and claims may make use of the terms “a,” “atleast one of,” and “one or more of,” with regard to particular featuresand elements of the illustrative embodiments. It should be appreciatedthat these terms and phrases are intended to state that there is atleast one of the particular features or elements present in theparticular illustrative embodiment, but that more than one can also bepresent. That is, these terms/phrases are not intended to limit thedescription or claims to a single feature/element being present orrequire that a plurality of such features/elements be present. To thecontrary, these terms/phrases only require at least a singlefeature/element with the possibility of a plurality of suchfeatures/elements being within the scope of the description and claims.

In addition, it should be appreciated that the following descriptionuses a plurality of various examples for various elements of theillustrative embodiments to further illustrate example implementationsof the illustrative embodiments and to aid in the understanding of themechanisms of the illustrative embodiments. These examples are intendedto be non-limiting and are not exhaustive of the various possibilitiesfor implementing the mechanisms of the illustrative embodiments. It willbe apparent to those of ordinary skill in the art in view of the presentdescription that there are many other alternative implementations forthese various elements that may be utilized in addition to, or inreplacement of, the example provided herein without departing from thespirit and scope of the present invention.

The system and processes of the Figures are not exclusive. Othersystems, processes and menus may be derived in accordance with theprinciples of embodiments described herein to accomplish the sameobjectives. It is to be understood that the embodiments and variationsshown and described herein are for illustration purposes only.Modifications to the current design may be implemented by those skilledin the art, without departing from the scope of the embodiments. Asdescribed herein, the various systems, subsystems, agents, managers, andprocesses can be implemented using hardware components, softwarecomponents, and/or combinations thereof. No claim element herein is tobe construed under the provisions of 35 U.S.C. 112 (f), unless theelement is expressly recited using the phrase “means for.”

An exemplary method for managing electronic transactions will now beillustrated with reference to FIGS. 3-6 . In step 305, the transactionmanagement system 14 receives a listing for sale from one of the sellerdevices 13(1)-13(n). In this example, seller using the one of the sellerdevices 13(1)-13(n) shall list a commodity for sale on an onlinemarketplace hosted by the transaction management system 14 via agraphical user interface that is provided by the transaction managementsystem 14. Next, the transaction management system 14 receives a list ofconditions that the commodity will be evaluated against later during thesales process from the seller devices 13(1)-13(n). Additionally, in thisexample, a seller via the seller devices 13(1)-13(n) shall select acondition reporter using one or more of the validator devices15(1)-15(n) from a network of accepted condition reporters or supplytheir own vendor for performing the condition report that will includethe disclosed attributes in the point above. Furthermore, the seller viathe seller devices 13(1)-13(n) shall agree to the fee structure for thiscommodity listing, which may come in the form of a classified listing(fixed ask price) or an auction (final price relative to highest bid butno lower than the predefined reserve price).

Next in step 310, the transaction management system 14 receives apurchase request from one of the one or more buyer devices 12(1)-12(n)via a graphical user interface that is generated by the transactionmanagement system 14. Flowcharts illustrated in FIGS. 4A-5E provide adetailed illustration of the step of receiving the purchase request. Inthis example, before a purchase request is made, a buyer via the one ormore buyer devices 12(1)-12(n) has the opportunity to request additionalconditions to be included in the report and an additional conditionreporter be considered for performing the report. Furthermore, theseller via one or more seller devices 13(1)-13(n) can accept or rejectthese additions and all conditions and reporters are public andpre-disclosed. Additionally, in this example, buyer via the buyerdevices 12(1)-12(n) shall demonstrate intent to purchase by placing awinning bid or choosing ‘buy now’. Furthermore, in this example, thebuyer via the buyer devices 13(1)-13(n) shall complete initial purchaseprocess that includes agreeing to the terms and condition of thisbusiness process, paying applicable service fee for our platform andconsenting to enter into the contract with the seller that requires theremaining steps in the process be completed. Also, the seller via theseller devices 13(1)-13(n) shall pay applicable platform fees formarketing etc.

Next in step 315, the transaction management system 14 assists with theescrow account. Flowcharts illustrated in FIGS. 4A-5E provide a detailedillustration of the step of assisting with the escrow account. In thisexample, once an available commodity has had intent to purchasesolidified it moves to a state we refer to as ‘under contract’ and thebuyer and seller are now obligated to continue the sale by utilizing anescrow account. Additionally, in this example, the buyer is obligated todeposit the pre-determined amount into the escrow account equal to theamount that the condition reporter will charge. Furthermore, in thisexample, buyer is obligated to deposit these funds within a time windowor else the arrangement will be void and the commodity will be availablefor other purchasers and buyers failing to comply will result in theseller being made whole.

In step 320, the transaction management system 14 assists with conditionreporting. Flowcharts illustrated in FIGS. 4A-5E provide a detailedillustration of the step of condition reporting. In this step, when thebuyer via the buyer devices 12(1)-12(n) has deposited the necessaryfunds into the escrow account, the seller via the seller devices13(1)-13(n) is then obligated to have a condition report performed bythe agreed upon vendor in accordance with the disclosed list ofconditions and attributes originated by the seller and any additionalconditions that the buyer requested be added to the list before intentto purchase was solidified, and that the seller agrees to. An example ofthe condition report is illustrated in FIG. 6 . By way of example, thecondition report illustrated in FIG. 6 includes a condition report of avehicle that includes the description of the vehicle and the conditionof the vehicle. Additionally, seller via the seller devices 13(1)-13(n)is obligated to complete this within a time window and if the seller viathe seller devices 13(1)-13(n) does not complete this step within a timewindow the funds in escrow will be released to the buyer and the buyerin this case shall be made whole.

In this example, the transaction management system 14 receives the dataassociated with the condition of the commodity (such as a car) in theform of images, receipts of any repair that is performed, parts that arereplaced, accident reports via the graphical user interface, althoughthe transaction management system 14 can receive other types of images.Further, in this example, the transaction management system 14 canprocess the received images to remove the noise and/or other objects ofnon-interest from the received images. Next, the transaction managementsystem 14 can correlate the data that is received against theinformation that is present within the condition report to determine ifthere is a correlation. For example, the transaction management system14 can identify the image associated with right front bumper of a carand associate the corresponding description in the condition report todetermine if the condition is accurate. Alternative, the transactionmanagement system 14 can use the data that is received from one of theone or more of the validator devices 15(1)-15(n) to assist withpreparation of the condition report by automatically filling a portionor the entire condition report. For example, the transaction managementsystem 14 can analyze the image of a car and identify a dent on thefront bumper and can then automatically enter the information regardingthe identified dent on the front bumper in the condition report. By wayof example, the transaction management system 14 can scan the receivedimage and identify a dent in the front bumper of a car. Further, thetransaction management system 14 can describe the dent in the frontbumper of a car within the condition report. Optionally, the transactionmanagement system 14 can also use artificial intelligence models toassist with analyzing the received data and completing the conditionreport.

In step 325, the transaction management system 14 assists with reportingthe results. In this example, if the condition report has a suitableresult the buyer shall be obligated to complete the purchase in theamount of the difference between the initial deposit into escrow and thefinal purchase price determined at intent to purchase. However, if thecondition report does not have a suitable result the buyer shall be madewhole. Furthermore, in this example, if a seller believes a negativejudgement was incorrect, then the transaction management system 14assists with resolving the dispute and the buyer shall be made whole andthe contract void. Additionally, in this example, if the seller refusesto complete the transaction, then the buyer shall be made whole.

In step 330, the transaction management system 14 assists withcompletion of sale. Flowcharts illustrated in FIGS. 4A-5E provide adetailed illustration of the step of completing the sale of thecommodity. In this example, buyer via the buyer devices 12(1)-12(n)shall utilize the escrow account hosted by the escrow servers16(1)-16(n) established to complete the sale in accordance with theremaining balance. Additionally, in this example, if the Buyer isdetermined not to finalize the purchase despite a positive judgement inthe condition report, then the seller shall be made whole. In thisexample, the transaction management system 14 renders their service feesback to them and their expenses for condition reporting and escrow shallbe rendered to them from the buyers escrow deposit hosted by the escrowservers 16(1)-16(n).

Although the disclosed technology has been described with reference toexemplary embodiments, it is not limited thereto. Those skilled in theart will appreciate that numerous changes and modifications may be madeto the preferred embodiments of the invention and that such changes andmodifications may be made without departing from the true spirit of thedisclosed technology. It is therefore intended that the appended claimsbe construed to cover all such equivalent variations as they fall withinthe true spirit and scope of the disclosed technology.

What is claimed is:
 1. A method for managing electronic transactions,the method comprising: receiving, by a transaction management system, acommodity to be listed for sale via a graphical user interface;receiving, by the transaction management system, a purchase request forthe commodity listed for sale via the graphical user interface;determining, by the transaction management system, when to pre-disclosecondition data, which will be subsequently utilized in a conditionreport, and facilitating the condition report for the commodity listedfor sale, wherein the pre-disclosed condition data may be automaticallygenerated based on one or more images associated with the commodity andthe commodity description data; determining, by the transactionmanagement system, what third party business will be identified as thecondition reporter tasked with facilitating the condition report thatreferences the pre-disclosed condition data to determine if thecommodity meets its obligations and expectations, wherein the conditionreporter is selected by the seller may come from a vetted and validatednetwork of condition reporters that is maintained and provided as aconvenience to our customers; and completing, by the transactionmanagement system, sale of the commodity, utilizing an escrow server,based on the result of a condition report containing determinedpre-disclosure data and the condition report data.
 2. The method as setforth in claim 1 further comprising, receiving, by the transactionmanagement system, a buyer instruction and a seller instruction to anescrow account hosted via an escrow server to complete the sale of thecommodity, wherein the buyer will be released from their obligation topurchase the commodity if the seller does not set up the escrow serverin the determine timeframe and wherein the seller will be released fromtheir obligations if the buyer does not deposit the required initialdeposit into the escrow account within the determine timeframe in theevent that the escrow account is established within the timeframe. 3.The method as set forth in claim 1 further comprising: receiving, by thetransaction management system, pre-disclosed condition data associatedwith the commodity to be evaluated during a condition report; andassigning, by the transaction management system, an attribute to beassociated with each condition disclosed, wherein the attribute may be adescriptor comprising exact, exact with minor variance, or conditionvalidator judgement, and shall set the expectation for the conditionvalidator when making a judgement on the precision of the conditionsdisclosed.
 4. The method as set forth in claim 3 further comprising,providing, by the transaction management system, the pre-disclosedcondition data originated by the seller being made available to thebuyer before any purchase request is made, wherein the buyer may requestfor the seller to include additional conditions that, if accepted, willbe pre-disclosed with the other condition data before purchase requestis received, wherein the seller is required to pre-disclose thecondition reporter who will be tasked with the condition report, andwherein the condition reporters are listed where the potential buyer canrequest an additional condition reporter for the seller to considerthat, if accepted, would be pre-disclosed before a purchase request camein.
 5. The method as set forth in claim 1 further comprising,processing, by the transaction management system, a listing fee and apurchase fee for the commodity.
 6. The method as set forth in claim 1further comprising: releasing, by the transaction management system, theescrow account when the condition report data is not provided within adetermined time period making the buyer whole, wherein the conditionreport is completed and the condition report results do match thepre-disclosed conditions, the buyer is obligated to complete theremaining transaction utilizing the escrow service, and if they do not,the seller is made whole utilizing the initial deposit from the buyer,and wherein the condition report is completed but the condition reportresults do not match the pre-disclosed conditions, the buyer shall bereleased from their obligation to purchase the commodity and is entitledto be made whole from the funds deposited into escrow and the buyerretains the right to continue with the transaction despite theunfavorable report result at their own discretion; and aggregating, bythe transaction management system, a detailed historical record ofsubsequent condition reports and publicly available artifacts relatingto the commodity listed for sale, wherein the commodities listed forsale are identified uniquely by some value and have their public recordsand condition reports associated with that value, the condition reportsand artifacts are then accessed and referenced in the event that acommodity is re-listed for sale in a separate transaction.
 7. Anon-transitory machine readable medium having stored thereoninstructions comprising machine executable code which when executed byat least one machine causes the machine to: receive a commodity to belisted for sale via a graphical user interface; receive a purchaserequest for the commodity listed for sale via the graphical userinterface; determine when to pre-disclose condition data, which will besubsequently utilized in a condition report, and facilitating thecondition report for the commodity listed for sale, wherein thepre-disclosed condition data may be automatically generated based on oneor more images associated with the commodity and the commoditydescription data; determine what third party business will be identifiedas the condition reporter tasked with facilitating the condition reportthat references the pre-disclosed condition data to determine if thecommodity meets its obligations and expectations, wherein the conditionreporter is selected by the seller may come from a vetted and validatednetwork of condition reporters that is maintained and provided as aconvenience to our customers; and complete sale of the commodity,utilizing an escrow server, based on the result of a condition reportcontaining determined pre-disclosure data and the condition report data.8. The medium as set forth in claim 7 further comprising, receiving abuyer instruction and a seller instruction to an escrow account hostedvia an escrow server to complete the sale of the commodity, wherein thebuyer will be released from their obligation to purchase the commodityif the seller does not set up the escrow server in the determinetimeframe and wherein the seller will be released from their obligationsif the buyer does not deposit the required initial deposit into theescrow account within the determine timeframe in the event that theescrow account is established within the timeframe.
 9. The medium as setforth in claim 7 further comprising: receiving pre-disclosed conditiondata associated with the commodity to be evaluated during a conditionreport; and assigning an attribute to be associated with each conditiondisclosed, wherein the attribute may be a descriptor comprising exact,exact with minor variance, or condition validator judgement, and shallset the expectation for the condition validator when making a judgementon the precision of the conditions disclosed.
 10. The medium as setforth in claim 9 further comprising, providing the pre-disclosedcondition data originated by the seller being made available to thebuyer before any purchase request is made, wherein the buyer may requestfor the seller to include additional conditions that, if accepted, willbe pre-disclosed with the other condition data before purchase requestis received, wherein the seller is required to pre-disclose thecondition reporter who will be tasked with the condition report, andwherein the condition reporters are listed where the potential buyer canrequest an additional condition reporter for the seller to considerthat, if accepted, would be pre-disclosed before a purchase request camein.
 11. The medium as set forth in claim 7 further comprising,processing a listing fee and a purchase fee for the commodity.
 12. Themedium as set forth in claim 7 further comprising: releasing the escrowaccount when the condition report data is not provided within adetermined time period making the buyer whole, wherein the conditionreport is completed and the condition report results do match thepre-disclosed conditions, the buyer is obligated to complete theremaining transaction utilizing the escrow service, and if they do not,the seller is made whole utilizing the initial deposit from the buyer,and wherein the condition report is completed but the condition reportresults do not match the pre-disclosed conditions, the buyer shall bereleased from their obligation to purchase the commodity and is entitledto be made whole from the funds deposited into escrow and the buyerretains the right to continue with the transaction despite theunfavorable report result at their own discretion; and aggregating adetailed historical record of subsequent condition reports and publiclyavailable artifacts relating to the commodity listed for sale, whereinthe commodities listed for sale are identified uniquely by some valueand have their public records and condition reports associated with thatvalue, the condition reports and artifacts are then accessed andreferenced in the event that a commodity is re-listed for sale in aseparate transaction.
 13. A transaction management system, comprising amemory comprising programmed instructions stored in the memory and oneor more processors configured to be capable of executing the programmedinstructions stored in the memory to: receive a commodity to be listedfor sale via a graphical user interface; receive a purchase request forthe commodity listed for sale via the graphical user interface;determine when to pre-disclose condition data, which will besubsequently utilized in a condition report, and facilitating thecondition report for the commodity listed for sale, wherein thepre-disclosed condition data may be automatically generated based on oneor more images associated with the commodity and the commoditydescription data or entered manually; determine what third partybusiness will be identified as the condition reporter tasked withfacilitating the condition report that references the pre-disclosedcondition data to determine if the commodity meets its obligations andexpectations, wherein the condition reporter is selected by the sellermay come from a vetted and validated network of condition reporters thatis maintained and provided as a convenience to our customers; andcomplete sale of the commodity, utilizing an escrow server, based on theresult of a condition report containing determined pre-disclosure dataand the condition report data.
 14. The system as set forth in claim 13wherein the one or more processors are further configured to be capableof executing the programmed instructions stored in the memory to receivea buyer instruction and a seller instruction to an escrow account hostedvia an escrow server to complete the sale of the commodity, wherein thebuyer will be released from their obligation to purchase the commodityif the seller does not set up the escrow server in the determinetimeframe and wherein the seller will be released from their obligationsif the buyer does not deposit the required initial deposit into theescrow account within the determine timeframe in the event that theescrow account is established within the timeframe.
 15. The system asset forth in claim 13 wherein the one or more processors are furtherconfigured to be capable of executing the programmed instructions storedin the memory to: receive pre-disclosed condition data associated withthe commodity to be evaluated during a condition report; and assign anattribute to be associated with each condition disclosed, wherein theattribute may be a descriptor comprising exact, exact with minorvariance, or condition validator judgement, and shall set theexpectation for the condition validator when making a judgement on theprecision of the conditions disclosed.
 16. The system as set forth inclaim 15 wherein the one or more processors are further configured to becapable of executing the programmed instructions stored in the memory toprovide the pre-disclosed condition data originated by the seller beingmade available to the buyer before any purchase request is made, whereinthe buyer may request for the seller to include additional conditionsthat, if accepted, will be pre-disclosed with the other condition databefore purchase request is received, wherein the seller is required topre-disclose the condition reporter who will be tasked with thecondition report, and wherein the condition reporters are listed wherethe potential buyer can request an additional condition reporter for theseller to consider that, if accepted, would be pre-disclosed before apurchase request came in.
 17. The system as set forth in claim 13wherein the one or more processors are further configured to be capableof executing the programmed instructions stored in the memory to processa listing fee and a purchase fee for the commodity.
 18. The system asset forth in claim 13 wherein the one or more processors are furtherconfigured to be capable of executing the programmed instructions storedin the memory to: release the escrow account when the condition reportdata is not provided within a determined time period making the buyerwhole, wherein the condition report is completed and the conditionreport results do match the pre-disclosed conditions, the buyer isobligated to complete the remaining transaction utilizing the escrowservice, and if they do not, the seller is made whole utilizing theinitial deposit from the buyer, and wherein the condition report iscompleted but the condition report results do not match thepre-disclosed conditions, the buyer shall be released from theirobligation to purchase the commodity and is entitled to be made wholefrom the funds deposited into escrow and the buyer retains the right tocontinue with the transaction despite the unfavorable report result attheir own discretion; and aggregate a detailed historical record ofsubsequent condition reports and publicly available artifacts relatingto the commodity listed for sale, wherein the commodities listed forsale are identified uniquely by some value and have their public recordsand condition reports associated with that value, the condition reportsand artifacts are then accessed and referenced in the event that acommodity is re-listed for sale in a separate transaction.